"Melinda and I are excited to be here ... Stanford is rapidly becoming the favorite university for members of our family and it's long been a favorite university for Microsoft and our foundation, " Gates told a big crowd that had gathered at the Stanford Stadium.

He went on to talk about his foundation's current research, the advent of the personal computer and its future.

"Sharing a mutual commitment to a better world, Bill and Melinda Gates have taken on some of the planet's toughest challenges," Stanford president John Hennessy said. "This boldness is an ethos that we also embody at Stanford, and one we seek to instill in our graduates."